When I was growing up I learned that if you saved enough money in the bank, you could live off the interest it earned. Sounds good, and yes, that can work. Surely, saving up a million dollars just might do the trick!
Pulling some numbers out of thin air, let's assume you have $1 million dollars in an account earning 3.1% annual interest. You then can live off of $84.95 each day, forever, and ever, and ever.
We track our multiple streams of passive income daily. These are ideas from our own book that we've put into practice ourselves. Once we reached $84.95 per day in passive income we celebrated and dubbed ourselves as official Passivilionaires!
You can do this too. For most of us it's much more fun, and much easier, to gain an extra, passive income stream than it is to tuck away money to reach the same goal.
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